POSCO International achieves 1 trillion won milestone in 2023 OP

[Courtesy of POSCO International]

POSCO International Corp., the trading arm of South Korea’s leading steelmaker POSCO, posted more than 1 trillion won ($750 million) in operating profit for the first time ever in 2023, thanks to the expansion of the liquefied natural gas (LNG) value chain following the merger with POSCO Energy Co.

POSCO International disclosed Tuesday that it posted an operating profit of 1.16 trillion won in 2023, up 28.9 percent from a year ago. Sales were down 12.8 percent to 33.13 trillion won during the cited period.

Despite a slight reduction in revenue, POSCO International was able to expand its operating profit by improving profitability. The merger with POSCO Energy in January 2023 is considered a contributing factor behind the increased value.

POSCO Energy has been operating an LNG combined power plant in Incheon. POSCO International, which previously produced LNG in Myanmar and Australia and operated an LNG import terminal in Gwangyang, South Jeolla Province, expanded its LNG value chain through the acquisition of POSCO Energy.

Particularly noteworthy is the plan for POSCO International’s LNG value chain to be fully operational from 2025.

Earlier, POSCO International’s subsidiary, SENEX Energy, announced the completion of its investment in increasing gas production in Australia by next year and the commencement of LNG shipment to Korea.